1860.

LAWS OF MARYLAND.

CHAP. 365.

company shall be entitled to one vote for every share
of stock held by him, and such votes may be given
either in person or by proxy, the omission or failure
to hold an election for directors within the appointed
time shall not dissolve the company, but the board
of directors shall as soon as may be, upon like pub-
lic notice, appoint a time for the election, and the
directors may hold their offices until their succes-
sors are elected.

Organization
&c.

ART. 5. The first board of directors shall or may
consist of Wm. T. Walters, Alien A. Chapman, Win.
H. Keighler, Hiram Woods, John M. Smith and
such other persons to complete the number pro-
vided in article four, as they may designate at their
first meeting immediately after the company shall
have become entitled to commence business, the
above named persons, with such others as the may
designate as aforesaid, shall meet and organize the
company by the election of a president and vice-
president, whose term of office shall be for two years,
as provided for in article third.

Fiscal year.

ART. 6. The fiscal year of the company shall com-
mence on the first day of January of each year, and
terminate on the thirty-first day of December in
each year, but no separate account or computation
shall be made or required of the fraction of the year
between the date of the organization of the com-
pany and the thirty-first day of December next,
ensuing, but the same shall be accounted and com-
puted as a part of the next following fiscal year;
the board of directors shall have power to declare
by a by-law what number of directors, though less
than a majority of the whole shall constitute a
quorum for the transaction of business.

Estimates
certificates of

profit, &c.

ART. 7. The officers of said company shall, within
one month after the expiration of each fiscal year,
cause an estimate to be made, as near as may be,
of the profits of said company during the preceding
fiscal year, in which estimate the losses and ex-
penses of the said company for the year shall be
deducted from the earnings of said company, and
the income of its capital invested accumulations
during the same year, the balance shall be deemed
the profit of the company for such year, and this
estimate shall be binding and conclusive upon all
persons as well as stockholders, as those entitled to
receive certificates of profit, as hereinafter men-
tioned, after applying from these profits sufficient
to cover the payment of six per cent, per annum